At its meeting on September 26-27, 2019, the PSAB reviewed the feedback related to Chapters 3,4,5,7 and 9. The feedback included:

1. how the notion of service capacity is broad and cannot be fully articulated in financial statements;
2. how some of the control discussion contradicts aspects of Section PS 1300, Government Reporting Entity;
3. including definitions of economic resources and economic obligations;
4. support for the improvements to the qualitative characteristics;
5. the need to document the implication, if any, of removing the term “conservatism” in Section PS 3300, Contingent Liabilities, and Section PS 3320, Contingent Assets;
6. the redundancy in the general recognition and derecognition criteria; and
7. the strong support for removing the recognition exclusions from the conceptual framework.

PSAB also reviewed (a) revised Chapters 3, 4, 5, 7, and 9 that would be part of the Exposure Draft for a revised conceptual framework; and (b) the accompanying basis for conclusions document related to Chapters 3, 4, 5, 7 and 9, and provided their feedback to the Task Force for consideration. The Board will receive an update on the Exposure Draft’s development at the December 2019 Board meeting.

Review the executive summary on the PSAB's Web site.